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OPEC production declines to a 5-year low as a forecast for demand



OPEC led oil production to 29,876 million barrels per day in May, according to the latest edition of the OPEC Oil Market Monthly Report published Thursday as a five-year oil cartel when it struggles to control its membership [19659002] This production path represents a reduction of 236,000 barrels per day per month as Iran's production fails under the strenuous sanctions imposed by the United States. fell to 2.370 million barrels a day, down from 227,000 barrels per day in April. Nigeria and Saudi Arabia also produced fewer barrels in May, with Nigeria dropping to 1,733 million barrels, down 92,000 barrels per day. Oil production in Saudi Arabia has fallen to 9,690 million barrels per day, down 76,000 barrels per day. Oil production with 94,000 barrels per day to 4,724 million barrels

This month, the IOM proposes cutting world oil demand in 201

9, with OPEC planning to grow by 1.14 million barrels per day – a 0, 07 Million Barrels per Day Monthly Report. World total oil consumption is expected to reach an average of 99.86 million barrels per day in 2019, according to the report.

"In the first half of this year, the continuing tension in world trade has increased, threatening to overflow and geopolitical risks remain in many key regions," the OPEC report said. "This has led to a slowdown in global economic activity and weaker global oil demand growth than a year earlier. Meanwhile, deliveries outside OPEC continue to grow at a high pace, while voluntary production adjustments under the Declaration of Cooperation have again risen to record high levels of compliance. "

By Julian Geiger for Oilprice.com [19659002] Still Most Readed by Oilprice.com: [19665007]? Function (f, b, e, n, t)
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